Saudi Arabia
Saudi Central Bank Set to Launch Instant Payment System Available 24/7
The Saudi Central Bank (SAMA) has announced that it will be launching a round the clock instant payment system effective from 21st of February onwards. Upon its activation, the system will allow financial institutions, companies, and individuals to complete transactions
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Saudi Arabia: Open Banking Expected to Go Live in H1 2022
The Saudi Central Bank, previously known as Saudi Arabian Monetary Authority (SAMA), is planning to go live with open banking during the first half of 2022. The Go-Live Phase will be the third and last phase of SAMA’s open banking
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Irish Fintech Global Shares Expands Footprint to Saudi Arabia
Global Shares, an Irish equity compensation management solutions provider, announce that it has opened an office in Saudi Arabia’s capital, Riyadh. The company has 16 other offices across Europe, America and Asia. Global Shares said that the Middle East is
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Saudi Fintech Startup Hakbah Secures USD 1.2 Million Seed Funding
Hakbah platform, a Saudi-based fintech startup that specialises in alternative savings and savings groups, announced the closure of its seed round with a value of USD 1.2 million (SAR 4.5 million). Details of the investors were not disclosed. The startup
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Saudi Fintech Tamara Raises US$ 6 Million in Largest Seed Funding Round in the Kingdom
Tamara, a Saudi-based buy now pay later platform, announced the closure of its seed funding round with an investment of 22.5 million Saudi riyals (US$ 6 million) led by the Impact46 Venture Capital Fund. The startup reported that this is
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Mambu Partners Ta3meed to Provide Digital Islamic Financing Solutions for SMEs
SaaS banking platform Mambu and Ta3meed, an Islamic fintech in trade finance in Saudi Arabia, announced a strategic partnership to deliver Islamic fintech financing solutions for SMEs in the region. With this partnership, Mambu’s agile core banking technology will be
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Virgin Mobile Awarded Banking Agent License Through Saudi Investment Bank
Telecom provider Virgin Mobile was awarded a banking agent license through the Saudi Investment Bank, allowing it to offer electronic international remittance to its customers in KSA. Under the agreement, The Saudi Investment Bank and Virgin Mobile will use their
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Saudi Central Bank Releases Its Open Banking Framework
The Saudi Central Bank (SAMA) has issued its open banking policy which outlines its objective for implementation in Saudi and the benefits that the financial sector stands to gain from it. SAMA plans to go live with its open banking
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Sarwa Gets Greenlight for Fintech Experimental Permit From Saudi Regulator
Sarwa, a Dubai-based investment advisory platform, was granted a fintech experimental permit by the Capital Markets Authority (CMA) of Saudi Arabia and will be expanding its service there. With the new license in hand, Sarwa can offer its wealth management
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Zain’s Fintech Arm First to Receive Micro Loans License From Saudi Central Bank
Zain Group, a telecommunications company in the Middle East and North Africa region, announced that its fintech arm Tamam has been officially licensed by the Saudi Central Bank (SAMA) to provide micro-financing services to consumers across the Kingdom. This makes Tamam
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